MGB Wealth Management LLC Has $77.60 Million Stake in AppLovin Co. (NASDAQ:APP)

MGB Wealth Management LLC trimmed its holdings in AppLovin Co. (NASDAQ:APP) by 27.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 239,616 shares of the company’s stock after selling 92,308 shares during the period. AppLovin comprises about 24.1% of MGB Wealth Management LLC’s holdings, making the stock its largest position. MGB Wealth Management LLC owned approximately 0.07% of AppLovin worth $77,597,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. National Bank of Canada FI grew its holdings in AppLovin by 4.0% during the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after buying an additional 39 shares in the last quarter. Hemington Wealth Management boosted its holdings in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after acquiring an additional 40 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of AppLovin by 19.7% in the 4th quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock worth $104,000 after acquiring an additional 53 shares in the last quarter. Great Valley Advisor Group Inc. raised its holdings in shares of AppLovin by 2.2% in the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after purchasing an additional 60 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after purchasing an additional 62 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the sale, the chief technology officer now owns 3,919,024 shares in the company, valued at $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the transaction, the insider now owns 405,676 shares of the company’s stock, valued at $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,991 shares of company stock valued at $267,640,144 over the last three months. 14.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the company from $80.00 to $280.00 in a report on Friday, November 8th. Citigroup increased their price target on AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $480.00 target price on shares of AppLovin in a research report on Tuesday, December 10th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $366.29.

AppLovin Stock Up 1.4 %

APP opened at $380.32 on Thursday. The firm has a market capitalization of $127.63 billion, a P/E ratio of 115.25, a price-to-earnings-growth ratio of 3.10 and a beta of 2.30. AppLovin Co. has a one year low of $45.12 and a one year high of $417.64. The company has a fifty day moving average price of $347.30 and a 200-day moving average price of $224.62. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. Equities research analysts expect that AppLovin Co. will post 4.09 earnings per share for the current fiscal year.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.